Peso weakens to 11-month low


Posted at Sep 09 2016 05:40 PM

MANILA - The peso weakened to its lowest level in 11 months while share prices slumped on Friday as investors tracked global interest rates and as North Korea's nuclear test rattled world markets

The peso depreciated to 47.160 against the dollar, breaching the P47-per-dollar level. The Philippine Stock Exchange Index closed 1.11 percent lower to 7,581.79.

“I don’t think the provocation has a direct impact on us, but of course when there is uncertainty in the world market, then it will have an effect on us,” Marita Limlingan, president of Regina Capital, told ANC's "Market Edge with Cathy Yang."

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Bargain hunting at the stock exchange is expected to continue when market opens on Tuesday, she said.